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AT&T to Snap Up Convergys Assets for $320 Million

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Jun 2, 2011, 8:37 PM   by Eric M. Zeman

AT&T has announced its intent to acquire the wireless operations owned by Cincinnati-based Convergys. Convergys has ownership of two wireless ventures in Cincinnati. It has a 34% stake in Cincinnati SMSA and a 45% limited-partnership interest in Cincinnati SMSA Tower Holdings. AT&T already owns the remaining 66% and 55%, respectively, of these two entities. AT&T will spend $320 million in cash to purchase Convergys' interests in the Cincinnati SMSA and Cincinnati SMSA Tower Holdings businesses so that it fully owns both. The companies contend that the sale doesn't require regulatory approval because AT&T is already the major shareholder of both businesses. The sale is expected to close in early July.

more info at Reuters »

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Subject Author Date
Cool... the city I live in. Vincent513 Jun 2, 2011, 9:41 PM
As a former Convergys Researcher Jun 3, 2011, 12:54 PM
 
 
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